Newcastle owner Mike Ashley has revealed the club owes 27 million pounds (US$50million; €34million) on transfer deals concluded before he bought the Magpies in 2007.
"There is still 27 million pounds ... to pay on transfers that were done before I came," Ashley told Newcastle's official club magazine.
Ashley also admitted he had not properly examined Newcastle's finances before buying the club.
"We first heard about the potential sale on a Saturday and had the deal done by the Wednesday, so if you are asking if we did due diligence before buying, then the answer has to be no," Ashley said.
The English businessman said he had invested 100 million pounds (US$187 million; €126 million ) since buying the club for 140 million pounds (US$261 million; €176 million).
Newcastle opens its Premier League season against defending champion Manchester United at Old Trafford on Sunday, with 20,000 fans watching Kevin Keegan's side train on Wednesday.
Ashley still attends matches in a replica shirt.
"I wear my strip and go in with the fans because that's how I've always gone to football and I enjoy it," Ashley said. "Nothing beats the atmosphere of being in with the fans."
Sapa-AP
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